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Manila Bulletin devider Business devider The Stock Market devider Villar's Golden MV grows profit to P550 M

Villar's Golden MV grows profit to P550 M

Published May 28, 2024 07:32 am

Golden MV Holdings Inc., a publicly-listed firm controlled by richest Filipino Manuel B. Villar Jr., reported a 16 percent growth in net income to P549.9 million in the first quarter of 2024 from the P473.0 million recorded in the first three months of 2023.

In a disclosure to the Philippine Stock Exchange, the firm said its revenues increased four percent from P1.61 billion for the three months ended March 31, 2023 to P1.69 billion for first quarter this year.

Golden MV said revenue growth came on the back of a five percent improvement in real estate sales of the group to P1.62 billion for first three months of 2024 from P1.55 billion in the same period in 2023 due to the increase in sales of memorial lots and residential units.

The firm also posted a 15 percent decline in interest income on contract receivables to P35.8 million in the first three months of 2024from the P42.3 million in the same period last year due to the lower in-house financed sales on account.

There was a 17 percent increase in income from interment services to P20.6 million in the first quarter of 2024 from P17.5 million in the same period in 2023. This was attributable to the increase in the number of services rendered in 2024 compared to the same period in 2023.

Income from chapel services increased by 23 percent to P9.2 million from P7.5 million, due to the increase in the number of memorial chapel and cremation services rendered.

Meanwhile, cost and expenses decreased to P1.023 billion from P1.024 billion for period ended March 31, 2023. The decrease was primarily attributable to the decrease in other operating expenses.

Net other charges decreased to P50.8 million from P58.7 million. The 14 percent decrease was mainly attributable to the decrease in finance costs for the period.

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Manuel B. Villar Jr. Golden MV Holdings
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